Friday, March 11, 2011

Common Mistakes Economists Make, As Seen By Marginal Revolutions

2. Evaluating government spending on a program-by-program basis, rather than viewing the budget as a series of integrated accounts. Cross check with the phrase "Social Security," or for use to take many discretionary spending cuts off the table.

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6. Overestimating the efficacy of fiscal policy, underestimating the power of monetary policy, and sometimes ignoring or neglecting how the two interact ("the monetary authority moves last").

About Me

52 year old white male oozing privilege and advantage, if you find that sort of thing sexy. But, I care about the less fortunate if you don't. Either way I'm an idiot so take it all with a grain of salt.